Opinion
Case No. 01-16034 (AJG), Jointly Administered.
August 29, 2005
Martin J. Bienenstock (MB 3001), Brian S. Rosen (BR 0571), Melanie Gray (pro hac vice), Stephen T. Loden (pro hac vice), WEIL, GOTSHAL MANGES LLP, Houston, Texas, Attorneys for Enron Corp. as Reorganized Debtor.
David I. Blejwas, Edward L. Schnitzer, HAHN HESSEN LLP, New York, NY, Attorneys for American Express Bank Ltd.
STIPULATION AND ORDER CONCERNING BIFURCATION OF PROOF OF CLAIM NO. 24287
WHEREAS on or about July 22, 2005, Enron Corp. ("ENE") and American Express Bank Ltd. ("AMEX" and, collectively with ENE, the "Parties") executed an agreement (the "Settlement Agreement") in which they agreed, inter alia, to bifurcate, assign, and allow the Amended AMEX Claim (defined below) as set forth herein;
WHEREAS, on October 7, 2003, AMEX filed proof of claim number 24287 (the "Amended AMEX Claim"), asserting the following general unsecured claims against the Enron Corp. chapter 11 estate:
a. CDN $6,000,000.00 arising from AMEX's payment on the January 17, 2001 Standby letter of Credit Number 211681 issued by AMEX on behalf of Enron Canada Power Corp. ("ECPC") (the "ECPC SLC Claim"), and
b. USD $1,400,000.00 arising from AMEX's payment on Standby Letter of Credit No. 216476 issued by AMEX on behalf of Enron North America Corp. ("ENA") (the "ENA SLC Claim");
WHEREAS, on September 30, 2004, the Court entered an order on the Debtors' Fourth Omnibus Motion for Approval of Compromise and Settlement of Claims by Letter Agreement Pursuant to Federal Rule of Bankruptcy Procedure 9019, allowing the Amended AMEX Claim as a general unsecured class 4 claim against Enron Corp. in the amount of USD $5,118,118.00 (the "Settlement Order");
WHEREAS on August 12, 2005, the Court entered an order pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure granting approval of the Settlement Agreement [Docket No. 26998]; and
WHEREAS, pursuant to section 1.5 of the Settlement Agreement, the Parties are required to present this Stipulation and Order for entry by the Court concerning treatment of the Amended AMEX Claim; it is therefore:
ORDERED that the Settlement Order shall be and hereby is VACATED in its entirety with respect to the Amended AMEX Claim, in favor of the treatment of such claim as provided for herein; it is further
ORDERED that the Amended AMEX Claim (Proof of Claim No. 24287) shall be and hereby is bifurcated and allowed as follows:
1. A general unsecured claim against Enron Corp. consisting of the ECPC SLC Claim, allowed in the amount of USD $3,788,118.00 and irrevocably assigned "as is" by AMEX to:
Enron Canada Corp. 1810,540 — 5th Avenue S.W. Calgary (Alberta) T2P 0M2 Attention: Ron Panchuk Telecopier No. (403) 974-6707
as holder of such claim; and
2. A general unsecured claim against Enron Corp. consisting of the ENA SLC Claim, allowed in the amount of USD $1,400,000.00 in favor of AMEX as holder of such claim. It is further:
ORDERED that this Court shall retain jurisdiction to consider any and all disputes arising from or related to the Amended AMEX Claim, the Settlement Agreement, or this Stipulation and Order.